Bitcoin Surges Beyond $62.6K In Just Three Days, Leaving Traders Scrambling
The post Bitcoin Surges Beyond $62.6K In Just Three Days, Leaving Traders Scrambling appeared on BitcoinEthereumNews.com.
Bitcoin made a remarkable leap, briefly soaring past $62.6K—a staggering 25% increase in just over three days. This unexpected surge caught many average traders off guard, highlighting the volatile nature of the cryptocurrency market. As excitement builds, some investors are now eyeing potential price targets of $70K to $75K for Bitcoin and $3.0K to $3.5K for Ethereum. However, these optimistic projections might signal a market top, so caution is advised. 📈 Bitcoin briefly crossed all the way above $62.6K, a +25% ascension in just over 3 days. As usual, average traders have been caught off guard. Look for sudden increased excitement of potential $70K-$75K BTC prices, or $3.0K-$3.5K ETH prices, as respective top signals. pic.twitter.com/gNZ0rhF1tD — Santiment (@santimentfeed) August 9, 2024 One key factor to watch is the behavior of short-term Bitcoin whales. The realized price for these whales is currently in the $64K to $65K range, a level that could act as significant resistance in the near term. If Bitcoin approaches this range, it may face challenges in sustaining its upward momentum. Pay attention to #Bitcoin short-term whales “The short-term holder whale realized price is in the 64K-65K range. This level may present itself as a resistance.” – By @XBTManager Get the full insight 👇https://t.co/MgZCbsB060 pic.twitter.com/Rqs3GPtht3 — CryptoQuant.com (@cryptoquant_com) August 9, 2024 Bitcoin Spot ETF Records Net Inflow Of $193 Million On August 8, the Bitcoin spot ETF market saw notable activity, with a total net inflow of $193 million. Grayscale’s ETF, GBTC, experienced an outflow of $183 million, signaling some investors taking profits or reallocating their positions. In contrast, BlackRock’s ETF, IBIT, recorded a substantial inflow of $158 million, while the WisdomTree ETF, BTCW, saw an inflow of $119 million. 🚨 BREAKING: On August 8, #Bitcoin spot #ETFs recorded a total net inflow of $193 million. #Grayscale #ETF…
Filed under: News - @ August 10, 2024 1:14 am